Happy Holidays to everyone! Before you know it, the holidays will be over, the days will be getting longer and spring is on the way! Wishful thinking!! LOL The Dewey area market remains to be very strong. Typically the market slows prior to an election but that wasn’t the case this time around. There were six pending contracts for the previous month coupled with four new single family listings and two condos. Our inventory is now well stocked with 11 single family homes on the market and nine condos. Ann Acres, Killens Addition, Silver Lake Manor, Indian Beach & Rehoboth By The Sea all have inventory now!! We haven’t seen this much inventory for years. There were six price reductions for the previous month possibly indicating the top of the market. Now that the election is over, I’m anxious to see what the rates do. We were promised 4-5 rate drops last year but only one was given. It really didn’t impact the interest rates at all. The rates are hovering around 7% for a 30 year fixed, slightly more for 2nd home and investors. I’m excited to see what the market will bear in 2025. We’ll have a well stocked inventory and hopefully we’ll see a few rate drops. I believe that 2024 out sold 2023 and I fully expect 2025 to be a banner year. It’s that time of the year where families gather to celebrate the holidays. Please be mindful of the many, many homeless as winter’s cold settles in. Have a safe and joyous Thanksgiving!!!
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 103 Carolina St. 52 year lease @ $25K yr. |
Rehoboth By The Sea |
4bd/3.5ba |
$2,075,000 |
| 20965 Rogers Ave. |
Ann Acres |
5bd/2.5ba 2,456 sq’ |
$1,274,900 |
| 20961 Rogers Ave. |
Ann Acres |
3bd/1ba 1,211 sq’ |
$949,900 |
| 38386 F Benson St |
Killens Addition |
5bd/4.5ba 4,480 sq’ |
$2,200,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 10 Saulsbury St |
Rehoboth By The Sea |
7bd/6fl ba/2 hlf ba |
$2,650,000 |
$2,500,000 |
| 38175 Robinson Dr. |
Silver Lake Manor |
5bd/5.5ba 2,340 sq’ |
$1,649,000 |
$1,639,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 119 Collins Ave. |
Marina Views |
1bd/1ba 1,000 sq’ |
$639,500 |
$639,500 |
| 116 Bellevue St. |
Rainbow Cove |
3bd/2ba 1,100 sq’ |
$688,000 |
$677,000 |
| 1301 Coastal Hwy. |
Lighthouse Cove #453 |
2bd/2ba 1,077 sq’ |
$1,025,000 |
$1,014,500 |
| 1301 Coastal Hwy. |
Lighthouse Cove # |
2bd/2ba |
$1,100,000 |
$1,025,000 |
| 111 Dagsworthy St. |
Rainbow Cove #C |
3bd/2ba |
$724,900 |
$695,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 1607 Bayard Ave. |
Ann Acres |
5bd/4.5ba 3,000 sq’ |
$1,545,000 |
$1,445,000 |
| 1406 Coastal Hwy. |
Delano |
2bd/2ba 893 sq’ |
$849,000 |
$824,900 |
| 1406 Coastal Hwy. |
Delano |
2bd/2ba 1,037 sq’ |
$830,000 |
$799,000 |
| 1 Read Ave quarterly fractional share |
Surf Club 113 B |
0bd/1ba |
$79,000 |
$77,000 |
Happy Autumn! We just received our 1st frost of the year!! I’m already missing the summer! The market remains very active. Four new single family homes and three new condos increases our boosted inventory. We finally have a few homes for sale in the Forgotten Mile! How active is the market? Take a peak at the five pending condo contracts and one land sale:) Are we seeing the peak? This year’s appreciation is 6% ytd compared to 6% in 2023. Just after covid we were seeing record high appreciation at 26% & 24% per year. We are still seeing a few multiple offers when a property is priced right. We are noticing many more price reductions within the market, on the other hand I continue to see identical units sell for more than the last. The lighthouse Cove and Rainbow Cove are fine examples of this (see below). The days on the market has increased, possibly indicating the beginning of a market slow down. Prices aren’t going to drop overnight like they did in the early 2000’s boom but pricing and values will level off. The interest rates remain the same. 6.250 for a 30 year primary, 6.375 for a jumbo and slightly higher for an investor or 2nd home buyer. Typically the market slows just before an election but it’s not this year. Business usually slows a bit during the holidays, maybe this year it won’t!
The annual cancer jog drew a monster crowd as always and it couldn’t be for a worthier cause. A huge thank you goes out to everyone who attended. Another popular fall event is the Sea Witch festivities scheduled on October 25th thru October 27th. The autumn weather starts our morning’s off a little chilly but afternoon temperatures in the mid 70’s has been offering us excellent beach weather! Get out and enjoy!!!
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 17 St. Louis St. |
Rehoboth By The Sea |
6bd/5.5ba 3,500 sq’ |
$3,200,000 |
| 38226 Anna B St. |
Dodds Addition |
4bd/5ba 3,500 sq’ |
$1,925,000 |
| 38175 Robinson Dr. |
Silver Lake Manor |
4bd/5.5ba 2,340 sq’ |
$1,649,000 |
| 38242 Robinson Dr. |
Silver Lake Manor |
4bd/3ba |
$1499,000 |
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 24 Carolina St. 51 year lease @ $28,944 yr |
Rehoboth By The Sea |
7bd/3.5ba 2,200 sq’ |
$2,295,000 |
$2,300,000 |
| 21124 Andrew Ave. |
Ann Acres |
3bd/2ba 776 sq’ |
$1,000,000 |
$1,000,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 23 Jersey St. |
Rehoboth By The Sea |
4bd/2fl ba/3hlf ba |
$3,399,000 |
$3,200,000 |
| CONDOS PENDING |
BUILDING |
SIZE |
ASKING PRICE |
| 1301 Coastal Hwy. |
#453 Lighthouse Cove |
2bd/2ba 1,077 sq’ |
$1,025,000 |
| 1301 Coastal Hwy |
#C415 Lighthouse Cove |
2bd/2ba |
$1,100,000 |
| 119 Collins Ave. |
Marina Views |
1bd/1ba 1,000 sq’ |
$639,500 |
| 116 Bellevue St. |
#8 (unit D) Rainbow Cove |
3bd/2ba 1,100 sq’ |
$688,000 |
| 111 Dagsworthy St |
#C Rainbow Cove |
3bd/2ba 1,100 sq’ |
$724,900 |
OH NOOO! The summer is over in a blink of an eye! This was my fastest summer ever. I had the chore of settling my mother’s estate and had very little time for my typical summer activities. The market on the other hand has been a little on the slow side. This market update is for six weeks but it has the activity that previously took place in three weeks maybe less! Election years are typically slow in the summer months ahead so we’ll wait to see what the new year brings us. New industry standards now require all potential buyers must sign a buyers agency agreement that may have them paying the Realtor commission. This is a new national requirement that arose from a major industry changing lawsuit. All of the transactions that I’ve been involved with, the sellers were still offering compensation to the buyers agents not the buyers paying it. Buyers now also have the ability to represent themselves in any transaction. I’ll be sending out another update in the days to come that will totally explain the change in the industry that will surely impact everyone. The new regulations were scheduled to begin on July 15th but were delayed until August 17th. This may have also attributed to the very slow summer activity and the months ahead.
The inventory has increased dramatically. Presently there’s eight fee simple single family homes and one leased land home on the market. There’s seven condos and three fractional share Surf Club units available. That’s a pretty good inventory compared to recent market activity. The interest rates have dropped dramatically. The interest rate for a 30 year fixed, primary is 6.35% which is considerable down from the earlier 7’s.. Second home buyers and investors are slightly higher. It’ll be interesting to see how the remainder of the year plays out. Autumn is here which means it’s a little easier getting around town! Now that the summer crowds are gone, get out and enjoy our white sandy beaches!!! Enjoy!
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 10 Saulsbury St. |
Rehoboth By The Sea |
7bd/6fl ba/2hlf ba 2,950 sq’ |
$$2,750,000 |
$2,650,000 |
| 101 Dover Rd. |
Dewey Beach |
4bd/2.5ba 2,614 sq’ |
$2,274,900 |
$1,950,000 |
| 22024 Coastal Hwy. |
Indian Beach |
4bd/4.5ba |
$3,500,000 |
$3,200,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 204 Cajun Cv |
Cajun Cove |
2bd/2bs 1,264 sq’ |
$850,000 |
$850,000 |
| 105 Dagsworthy St. |
#C Rainbow Cove |
3bd/2ba |
$669,000 |
$685,000 |
| 13 Clayton St. |
#3 Ocean Mist |
4bd/3.5ba |
$1,750,000 |
$1,705,000 |
| 100 Collins Ave. |
#106 (2-J) |
1bd/1ba 934 sq’ |
$599,000 |
$599,000 |
| 1301 Coastal Hwy. |
#462 Lighthouse Cove |
3bd/2.5ba 1,632 sq’ |
$2,225,000 |
$2,225,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 20960 Rogers Ave. |
#4 El Capitan |
2bd/1ba |
$475,000 |
$450,000 |
The heat of summer is here making our beaches the best time of the year! The market has been very good for the previous three weeks. There were eight new listings, two being single family and six much needed condos. Four of the eight already went to contract within a very short period of time. These new listings add to the present inventory which wasn’t looking to awful bad but you have to be fast based off of the four pending contracts. Presently there’s three single family homes (fee simple) in Dewey and one in Dodds Addition. There’s two single family homes available in Indian Beach. Looking at Rehoboth By The Sea we have three active single family home listings. There’s six condos on the market, four in Dewey, one in Ann Acres and one RBTS leased land condo on Chesapeake. The inventory is still low and should remain low. The buyers are out there and fully educated by the abundance of real estate websites. The four pending contracts out of eight new listings in such a short period is proof of a very active and educated market! The interest rates haven’t changed a whole bunch. The rate for a 30 year fixed primary is in the upper 6’s, a 2nd home buyer is approx. 7% and an investor will be in the low to mid 7’s. I haven’t heard of any future rate drops, my guess is they’ll remain where they are until after the election in November. It’s a great time to just sit back, enjoy the weather, sunshine, sandy white beaches and all of the resort attractions! Summer’s the best time of the year!
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 112 Chicago St. 60 year lease @ $23K yr. |
Rehoboth By The Sea |
4bd/3ba 1,800 sq’ |
$1,575,000 |
$1,475,000 |
| 102 West St. 52 year lease @ $23K yr. |
Rehoboth By The Sea |
6bd/3ba 1,864 sq. |
$1,299,000 |
$1,225,000 |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| 100 Collins Ave. |
#106 Marina Views |
2bd/2ba |
$599,000 |
| 1301 Coastal Hwy. |
#462 Lighthouse Cove |
3bd/2.5ba 1,632 sq’ |
$2,225,000 |
| 105 Dagsworthy St. |
#C Rainbow Cove |
3bd/2ba 944 sq’ |
$669,000 |
| 204 Cajun Cv |
Cajun Cv |
2bd/2ba 1,264 sq’ |
$850,000 |
| 2 Van Dyke St. |
#U-5 Seawinds |
4bd/2.5ba 1,800 sq’ |
$2,550,000 |
| 1301 Coastal Hwy. |
#415 Lighthouse Cove |
2bd/2ba 1,026 sq’ |
$1,100,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 25 Read Ave. |
#5 Seabreeze Village |
4bd/3.5ba 1,550 sq. |
$1,195,000 |
1,215,000 |
| 26 McKinley Ave. |
#9 Seabreeze Village |
4bd/3.5ba 1,550 sq’ |
$1,225,000 |
$1,200,000 |
| 16 Houston St. |
#b Waves |
4bd/3ba 2,328 sq’ |
$1,600,000 |
$1,600,000 |
| 1 Read Ave. quarterly fractional share |
#202-C Surf Club |
0bd/1ba 476 sq’ |
$91,000 |
$91,000 |
| 1 Read Ave. quarterly fractional share |
#111-C Surf Club |
0bd/1ba 476 sq’ |
$71,000 |
$68,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 20960 Rogers Ave. |
#4 El Capitan |
2bd/1ba 478 sq’ |
$499,000 |
$489,000 |
Happy summer! I hope that everyone is enjoying this gorgeous weather! Surf, sand and suds, that’s my motto:) I’ve been AWOL for the last couple of months. I had the mundane chore of emptying, repairing and selling my parents home of 57 years. It’s an obligation that I wouldn’t wish on my worst enemy! LOL
The market has been so, so. It appears the market is cooling a bit. We’re seeing longer days on the market and more frequent price reductions. There is one very noticeable trend in the market. Ocean block condos are still very high in demand! I sold my listing at 13 Clayton #3 within 9 days. 25 Read Ave #5 sold in 12 days. There were four new ocean block quarterly fractional shares in the Surf Club. One of the units already closed, two units are pending and one unit remains active. The average days on the market for all four units is 17 which reflects a very, very active market. The present inventory remains low. The Dewey market offers three fee simple single family homes, three single family homes on leased lands, two condos (fee simple), one condo on leased land and one fractional share unit in the Surf Club. There are two single family homes for sale just north of Dewey in the Forgotten Mile and one condo on Rogers Ave. (El Capitan) in Ann Acres. This is a minimal inventory to say the least. The interest rates have dropped a bit over the last couple of months. You can get a 30 year fixed, primary for 6.750%. The rate for a 2nd home is approximately 6.875%. Investment rates are hovering around 7.250%.
I have two nice single family homes (leased land) listings in Rehoboth By The Sea. Two very nice investments! 102 West is a 6bd/3ba that had a previous rental history just shy of $75K. The home has a 52 year lease @ $23,925 yr. The 2nd home is located at 112 Chicago. The home was remodeled a few years back and shows tremendously well. Rental income was nearly $55K with many weeks blocked for owners use. The owner just renegotiated a new 60 year lease @ $25K yr to convey at settlement. Two great properties! Please contact me for more information.
The best time of the whole year is upon us. If you’re receiving this update, you’re either a beachgoer enjoying the beach and resort activities or you’re an investor collecting summer rental incomes, either way life is good! Let’s not forget about those flashing yellow lights at the crosswalks. Please pay special, special attention and drive alert! I’ve seen too many close calls. Wishing you a safe and memory filled summer!!!
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 15 Hazlett St. |
Indian Beach |
11bd.7fl ba/2hlf ba 7,100 sq’ |
$6,750,000 |
| 102 West St. 52 year lease @ $23,925 yr |
Rehoboth By The Sea |
6bd/3ba 1,864 sq’ |
$1,299,000 |
| 23 Jersey St, |
Rehoboth By The Sea |
4bd/2fl ba/3hlf ba 2,300 sq’ |
$3,399,000 |
| 38386 F Benson St |
Killens Addition |
5bd/4.5ba 4,480 sq’ |
$2,300,000 |
| 112 Chicago St. 60 year lease @ $25K yr. |
Rehoboth By The Sea |
4bd/3ba 1,800 sq’ |
$1,575,000 |
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| 38744 Seagull Dr. |
Indian Beach |
3bd/1.5ba 1,400 sq’ |
$1,000,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 18 Carolina St. 52 year lease @ $33,280 yr. |
Rehoboth By The Sea |
3bd/2ba 1,056 sq’ |
$1,350,000 |
$1,325,000 |
| 23 Beach Ave. |
Indian Beach |
4bd/2ba 2,600 sq’ |
$2,100,000 |
$2,100,000 |
| 117 Carolina St. 59 year lease @ $22,000 yr. |
Rehoboth By The Sea |
4bd/3ba |
$1,900,000 |
$1,825,000 |
| 23 Saulsbury St. #1 52 year lease @ $12,716 yr. |
Rehoboth By The Sea |
3bd/2ba 1,222 sq’ |
$920,000 |
$875,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| 124 Swedes St. |
#2 Swedes Street |
4bd/4.5ba 2,800 sq’ |
$1,985,000 |
| 20960 Rogers Ave. |
#4 El Capitan |
2bd/1ba |
$515,000 |
| 121 Chesapeake St. leased land @ $20,000 yr. |
#1 Sea Haven |
2bd/1ba |
$499,000 |
| 1 Read Ave. quarterly fractional share |
#303D Surf Club |
0bd/1ba |
$95,000 |
| 38269 William F St. |
#3 Kent Court |
1bd/1.5ba |
$449,900 |
| 1 Read Ave quarterly fractional share |
111-C Surf Club |
0bd/1ba 476 sq’ |
$71,000 |
| 1 Read Ave. quarterly fractional share |
#202-C Surf Club |
0bd/1ba 476 sq’ |
$91,000 |
| 1 Read Ave quarterly fractional share |
#205-C Surf Club |
0bd/1ba 476 sq’ |
$81,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 1 Read Ave. quarterly fractional share |
#205-C Surf Club |
0bd/1ba 476 sq’ |
$81,000 |
$81,000 |
| 1301 Coastal Hwy. |
V-455 Lighthouse Cove |
2bd/2ba 874 sq’ |
$975,000 |
$975,000 |
| 2103 Coastal Hwy. |
#Izzy Plaza |
4bd/2.5ba 1,804 sq’ |
$975,000 |
$975,000 |
| 21 Rodney Ave. |
#2 Rodney Street |
2bd/1ba |
$739,000 |
$650,000 |
| 1 Read Ave. quarterly fractional share |
#111-C Surf Club |
0bd/1ba 476 sq’ |
$69,900 |
$62,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 124 Swedes St. |
#2 Swedes Street |
4bd/4.5ba 2,800 sq’ |
$1,985,000 |
$1,969,000 |
| 20960 Rogers Ave. |
#4 El Capitan |
2bd/1ba |
$515,000 |
$499,000 |
Happy springtime!! I just saw my 1st hummingbird yesterday which makes it officially summer in my book! The forecast is 78 on Sunday and into the mid eighties next week which again makes it officially summer:) The market has been a little slow for the spring selling season. I actually had to delay my market update until we got a little activity. There were only two new single family listings and one new condo listing for the previous month’s activity. There were two leased land single family homes and three condos that went to contract. Typically there should be about 7-8 transactions if not more for four weeks in the spring selling season. Multiple offers are still occurring if the property is priced properly. I had several offers on my Izzy Plaza listing and I know of several more within this update so the market still remains very strong despite the higher interest rates. There were eight closings from the previous month. Presently in our immediate market area there’s six fee simple single family homes, two leased land single family homes and four condos. Inventory is surely increasing in our market and nationwide. We only had one single family home and one condo on the market not that long ago. The interest rates remain the same as my last report. The rate for a primary, 30 year fixed is hovering about 7%. The rates for a 2nd home might be a little higher at approx. 7.250% and last but not least 7.50% for our investor loans. Where’s the four or five rate drops that we were supposed to see? The good news is that 75% of my buyers (Dewey & Rehoboth) are cash. I personally don’t think that the higher interest rates have effected our market one little bit. The multiple offers and full contract prices are the proof. It’s the best time of the year to list and sell a property. Please contact me for a free market analysis. Spring is here! Life is good! Get outside and enjoy our beaches and parklands!!!
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 13 Bellevue St. |
Town of Dewey Beach |
7bd/5.5ba 5,150 sq’ |
$4,995,000 |
| 22024 Coastal Hwy. |
Indian Beach |
4bd/4.5ba 4,704 sq’ 7.82 ac. |
$3,500,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 203 Jersey St. 60 year lease @ $18,112 yr. |
Rehoboth By The Sea |
3bd/2ba |
$969,000 |
$969,000 |
| 115 Cullen St. 54 year lease @ $23K yr. |
Rehoboth By The Sea |
5bd/3ba 2,500 sq.’ |
$1,995,000 |
$1,995,000 |
| 118 Chicago St. 52 year lease @ $20,396 |
Rehoboth By The Sea |
5bd/3ba 2,500 sq.’ |
$1,865,000 |
$1,865,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 101 Dover Rd. |
Town of Dewey Beach |
4bd/2.5ba 2,614 sq’ |
$2,499,900 |
$2,274,900 |
| 38242 Robinson Dr. |
Dodds Addition |
4bd/3ba |
$1,725,000 |
$1,695,000 |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| 21 Rodney Ave. |
#2 Rodney Street |
2bd/1ba |
$739,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 24 Dickinson Ave. |
#7A Dewey Villas |
1bd/1ba |
$439,000 |
$450,000 |
| 1406 Coastal Hwy. |
#3-B Delano |
2bd/2ba 879 sq.’ |
$650,000 |
$640,000 |
| 25 McKinley Ave. |
Sand |
5bd/3.5ba 2,400 sq.’ |
$1,650,000 |
$1,550,000 |
| 23 McKinley Ave. |
Sand |
3bd/2.5ba 1,200 sq.’ |
$1,150,000 |
$1,150,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 20960 Rogers Ave. |
El Capitan |
2bd/1ba |
$558,000 |
$530,000 |
Spring has sprung!!! They are my most favorite words! Spring flowers, the return of our migrating shorebirds, the beach, warm weather, I could go on and on what makes springtime the best time of the year!!! The real estate market has been steady. There’s been five transactions in the previous three weeks. These numbers reflect the average amount of pending transactions for the previous months. We would hope to see these numbers increase during the spring market season but in order to do so then we have to see some additional new listings hit the market. I personally expect more listings in 2024 as people realize that we may be at the top of our market. Presently there’s four fee simple single family homes, four single family homes on leased land and four condos in Dewey and the surrounding communities. One of the new listings is my listing at 2103 D in Izzy Plaza. This unit offers a huge open floor plan that’s great for entertaining and a covered rooftop deck that further enhances the festive atmosphere. The home had a $54K rental income in 2023 with several weeks already booked into 2024. Custom colors, new stainless appliances and the list goes on and on. Better hurry on this one! The interest rates haven’t dropped much as promised. The rates are approx. 7% for a 30 year fixed on a primary residence and approx. 7.250% to 7.5% for a 2nd home buyer or investor. Please contact me if you’d like a free, no pressure market analysis on your home. It’s a wonderful time to enjoy the beach and all of the newly arriving shorebirds! Get out and enjoy Delmarva!!!
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 20960 Rogers Ave. |
#4 El Capitan |
2bd/1ba 461 sq’ |
$580,000 |
$575,000 |
Spring is in the air! Locals are eagerly awaiting the return of the 1st osprey and the many varieties of shorebirds that make springtime at the beach such a special time of the year. The real estate market remains very active. The leased lands properties in Rehoboth By The Sea continue to dominate the market. There were four new single family homes on leased lands just listed and one already has a pending contract. I’ll be adding a 5th new listing within a week. The home is a 4 bd/3ba, 2,200 sq’ and totally renovated with a huge addition. One of the key features is the land lease. There are presently 11 years remaining on the lease. The annual lease amount is a little over $1,200. a YEAR, that’s right $1,200. a year which is just about free!!! This home will sell almost immediately due to the condition of the home and the favorable lease terms. The present interest rates are approx. 7 1/8 for a 30 year fixed and 7 3/8 for a 2nd home/investor. Where are those rate drops that were promised?? Regardless of the interest rates and based on the recent pending sales, I expect us to have an excellent spring and summer selling season. St. Patty’s day is right around the corner! Happy spring!!!
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 202 Chesapeake St. 48 year lease @ $19K yr. |
Rehoboth By The Sea |
5bd/3.5ba 2,600 sq’ |
$1,495,000 |
| 117 Carolina St #A 59 year lease @ $22K yr. |
Rehoboth By The Sea |
4bd/3ba |
$1,995,000 |
| 18 Carolina St. 52 year lease @ $33,280 yr. |
Rehoboth By The Sea |
3bd/2ba 1, o56 sq’ |
$1,350,000 |
| 118 Chicago St. 52 year lease @ $20,396 yr. |
Rehoboth By The Sea |
5bd/3ba 2,500 sq’ |
$1,865,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 101 Dover Rd. |
Dewey Beach |
4bd/2.5ba |
$2,699,999 |
2,499,900 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 25 McKinley Ave. |
#2 |
5bd/3.5ba 2,400 sq’ |
$1,800,000 |
$1,650,000 |
| 23 McKinley Ave. |
#1 |
3bd/2.5ba 1,200 sq’ |
$1,400,000 |
$1,350,000 |
Happy 2024!!! I’m a little behind schedule due to admitting my mom into a nursing home. I’m ready for spring and all of the exciting activities that spring ushers in. The 2023 season ended with a flurry of activity. The 2024 season is no different. All four of the pending single family homes on leased land sold in the 2nd week of January. Presently there’s only two fee simple single family homes on the market, one in Indian Beach, three on RBTS leased lands, three fee simple condos and one leased land condo. I just listed the leased land condo in Seastrand unit #22. It’s a very rare offering and is in very high demand. Seastrand is located in the ocean block of Chesapeake St adjacent to Billionaire row and Silver Lake. This condo will be gone within a few days from receiving this email. Please call me immediately if you have an interest. The total inventory is five single family homes and four condos. The demand is year round now unlike earlier years when the spring selling season started in March and lasted through October. The 2024 selling season should be a good one as long as we get inventory. Rumors have it that we are going to see three to four rate drops throughout the year thus creating a very favorable atmosphere! Please contact me for a private market analysis. The days are getting longer and spring is just around the corner:):)
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 101 Dover Rd. |
Dewey Beach |
4bd/2.5ba 2,614 sq’ |
$2,699,999 |
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| 205 Carolina St. 59 year lease @ $28K yr. |
Reho. By The Sea |
3bd/2ba 1,650 sq’ |
$1,295,000 |
| 203 Jersey St. 60 year lease @ $18,112. yr. |
Reho. By The Sea |
3bd/2ba |
$969,000 |
| 109 Saulsbury St. |
Reho. By The Sea |
3bd/2ba |
$1,199,000 |
| 23 Saulsbury St. 52 year lease @ $12,716 yr. |
Reho. By The Sea |
3bd/2ba 1,222 sq’ |
$920,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 16 Bassett Ave. |
Indian Beach |
4bd/4fl ba/2hlf ba 4,140 sq’ |
$2,295,000 |
$2,220,000 |
| 20896 Old Bay Rd |
Rehoboth Beach |
4bd/3.5ba 2,500 sq’ |
$1,800,000 |
$1,500,000 |
| 20 St. Louis St. |
Reho. By The Sea |
4bd/2ba 1,508 sq’ 75 X 100 lot |
$2,975,000 |
$2,650,000 |
| CONDOS PENDING |
BUILDING |
SIZE |
ASKING PRICE |
| N/A |
N/A |
N/A |
N/A |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 2001 Bayard Ave. |
#15 Baystrand 3 |
4bd/3ba 2,200 sq’ |
$998,500 |
$970,000 |
| 1301 Coastal Hwy |
# V358 Lighthouse Cove |
2bd/2ba |
$939,900 |
$940,000 |
| 1301 Coastal Hwy |
# 359 Lighthouse Cove |
3bd/3ba |
$1,299,900 |
$1,300,000 |
| 24 Read Ave. |
#C |
1bd/1ba |
$499,000 |
$415,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
Happy Thanksgiving!!! Tis the season to gather with family and friends to celebrate and give thanks for the wonderful year of 2023. The Dewey market continues to thrive! The recent rash of new listings resulted with five pending contracts. You’d fully expect the market to slow with the holidays upon us and the interest rates hovering around 8.5% for 2nd home buyers and investors but it’s not!! There were three single family home sales and two condo sales in the last three weeks. Presently there’s 11 single family homes and four condos on the market in Dewey and the surrounding communities. That’s huge!! It was only a little over a few months ago that there was only one single family home for sale and one condo. Nationwide, sales are down but that doesn’t apply to our niche beach resort properties. The market may slow as normal for the holiday season but I fully expect the market to remain strong in 2024. Please contact me for an update of our inventory. Owners, it’s a great time to list after the holidays. Please reach out to me for a free market analysis that will educate you with the value of your home in today’s present market. A special thank you to all of our military personnel and their family’s that each one endures with the absence of a loved one during the holiday season and throughout the year. Happy Thanksgiving to everyone!!!
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| 20 St Louis St. |
Reho. By The Sea |
4bd/2ba 75 X 100 lot 1,508 sq’ |
$2,975,000 |
| 16 Bassett Ave. |
Indian Beach |
4bd/4fl ba/2hlf ba 4,140 sq’ |
$2,295,000 |
| 20896 Old Bay Rd. |
Rehoboth Beach |
4bd/3.5ba 110 X 120 lot 2,500 sq’ |
$1,800,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 38180 Terrace Ave. |
Silver Lake Manor |
3bd/3.5ba 1,600 sq’ |
$2,550,000 |
$2,300,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 100 Collins Ave. |
#301 Marina View |
1bd/1ba 1,090 sq’ |
$599,000 |
$592,000 |
| 18 Dagsworthy Ave. |
#4 Ocean Sands |
3bd/2.5ba 1,600 sq’ |
$1,250,000 |
$1,245,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
